Modi Government, in its third term at the Centre, presented its first full budget on July 23, 2024. The Government announced various schemes such as launching of a comprehensive scheme for providing internship opportunities in top 500 (five hundred) companies to 1,00,00,000 (one crore) youth in 5 (five) years, facilitating development of investment-ready “plug and play” industrial parks with complete infrastructure in or near 100 (one hundred) cities.
Additionally, the Government has also identified 9 (nine) priorities for generating ample opportunities (a) Productivity and Resilience in Agriculture; (b) Employment and Skilling; (c) Inclusive Human Resource Development and Social Justice; (d) Manufacturing and Service; (e) Urban Development; (f) Energy Security; (g) Infrastructure; (h) Innovation, Research and Development; and (i) Next Generation Reforms.
From an income tax standpoint, the Government seemed focussed on simplifying the taxation structure. To this end, there has been a major rejig in capital gains taxation scheme, buyback taxation, search and seizure assessments, reassessment schemes etc. Additionally, many procedural aspects with respect to withholding taxes, collection of tax at source have also been revised. Tax framework governing exemption for charitable institutions have sought to be streamlined. A plethora of changes have also been proposed on the indirect tax front including changes in the adjudication process under goods and services tax and appeals thereunder.
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